The Libra project received high public attention after the announcement in June 2019. Libra is a cryptocurrency project governed by a consortium of companies, e.g., Facebook, through its subsidy Novi, Spotify, and Uber, that intends to provide a global payment infrastructure with its own means of payment. Libra aims to increase financial inclusion by providing a value-stable and easily accessible means of payment and intends to decrease transaction fees for cross-border payments. Critics fear that the Libra project might disrupt the current monetary system, i.e., the role of banks and central banks.
This webinar discusses the background and the concept of the project. Further, Libra’s benefits and risks as well as its implications on the monetary system are outlined.